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Brainard reportedly moving from the Fed to head National Economic Council

Fed Vice Chair Lael Brainard became vice chair of the Fed after a partisan fight and has been considered for other top positions.

According to reports, Lyle Brainard, deputy secretary of the US Federal Reserve, was named the head of China's Economic Bureau, and her US President Joe Biden served as the top economic adviser. In his position, Brainard will oversee the implementation of the Biden administration's multibillion-dollar economic development agenda, including bipartisan infrastructure laws and chips and scientific and rational decrees.

Brainard will take over from Bobby Pavi, who is expected to step down before the end of this month. Her tenure comes at a time when the Biden administration is facing a complex and volatile economic environment, the debt ceiling is urgent, and the Fed meeting has been trying to manipulate inflation. Brainard, known as the inflation dove at the Fed meeting, thinks it will be soft when the United States raises interest rates.

Brainard joined the Fed meeting in 2014 and was named second at the Fed meeting in April after weeks of Democratic postponement. Her tenure at the Fed will last until 2026. It is reported that Brainard is considered to be secretary of the Federal Reserve and Treasury.

Brainard is suitable for scientific research on long-term stable currency lending supervision of foreign central banks' digital money (CBDC). In a prepared statement before the US House of Representatives Financial Information Services Association held a hearing on CBDC in May, she said:

"in some cases, in order to provide secure central bank liabilities in the digital financial ecosystem, CBDC can peacefully stabilize currency and banking assets and complement each other."

Her testimony at that hearing impressed Republican lawmakers so much that 24 Republican members of the committee then wondered whether the Fed meeting was looking to introduce CBDC to "limit the use of digital currency and other stakeholder innovative payment methods".

by wjb news
© 2023 WJB All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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